The Real Estate Insider Blog

Wow! Can you believe it's August! The weather has been fantastic and our Real Estate Market is still moving and is active despite it being a time when most people are on holidays ! I have analyzed all of the stats for July and here are some insights to our market right here in Metro Vancouver:

• We are in a Seller's market for houses with 26.3% of the homes selling within a month and we have just entered a Seller's Market for attached homes with 20.3% of the homes selling within a month.
• Sales are up 3.3% from a year ago
  
• Inventory is down -3.6% from a year ago.
• The detached housing market has 4.4 months of inventory while our attached market has 5.4 months.
• The average price of a house is $1,197,496
• The average price of an attached home is $466,500.

If we compare from a year ago (July 2013):
Prices are up 6.1% for houses and up 2.7% for attached homes.

Now... there are some areas that are selling better than others just as some areas offer better buying opportunities.  Here are the three most expensive areas:

For Detached Homes:

1) Vancouver Westside with an average price of $2,378,000 which works out to $791 per square foot.
2) West Vancouver with an average price of $1,997,000 and at $596 per square foot.
3) North Vancouver with an average price of $1,115,400 and at $458 per square foot.

For Attached Homes:

1) West Vancouver with an average price of $840,000 which works out to $608 per square foot.
2) Vancouver Westside with an average price of $568,000 which works out to $598 per square foot.
3) Downtown Vancouver with an average price of $498,750 which works out to $649 per square foot.

The hottest area for selling a Detached house is in North Vancouver with 3.7 out of 10 homes selling within a month and sellers getting 97.1% of their asking price.  Their is only 2.7 months of detached housing inventory in North Vancouver.

For Buyers, if you are looking to buy a house I would suggest West Vancouver as there is a good selection of homes available with 7.6 months worth of inventory and prices being negotiated 8% below the list price.

The hottest area for selling a Attached home is on the Vancouver Eastside with 3 out of 10 homes selling within a month and sellers getting 98.8% of their asking price.  Their is only 3.3 months of detached housing inventory on the Vancouver Eastside.

For Buyers, if you are looking to buy an Attached home I would suggest West Vancouver as there is a good selection of homes available with 7.7 months worth of inventory and prices being negotiated 3% below the list price.

If you have any questions about the market in your neighbourhood or need assistance in planning your next real estate move, please feel free in calling me or simply filling out our contact form.

Enjoy the sunny weather and the remainder of your summer!